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Big potential for Indo-Bangla ties

May 25, 2017
Big potential for Indo-Bangla ties

The Indian High Commissioner to Bangladesh, Harsh Vardhan Shringla  has said that both countries need to work

together to tap the benefits of global textile industry changes. The High Commissioner said the manufacturing

is “increasingly” shifting to countries in South and Southeast Asia due to the cost advantages offered.

“Rapid economic growth and rising disposable incomes are contributing to fast growth in apparel consumption in

the developing countries,” he said. “India and Bangladesh need to work together to take advantage of these

opportunities by creating and strengthening cross border value chains”.

The High Commissioner was speaking at a technical symposium on “Current Trends in Textiles” organised by Grasim

Industries Ltd (Aditya Birla Group) in Dhaka recently. The Readymade Garments (RMG) sector in Bangladesh has

seen impressive growth over the years accounting for more than 80 percent of the total exports earnings of the

country. After India granted duty free quota-free access to Bangladesh in 2011, the RMG exports to India have

more than doubled to $136.4 million in 2015-16 from $55 million in 2011-12.

In 2015-16, Bangladesh’s RMG exports to India grew by 31 percent. Bangladesh’s overall exports to India have

also increased by 30.82 percent at the same time. India also supplies a large part of critical inputs such as

cotton and manmade fibres, yarn and fabric, and chemicals for the Bangladesh RMG industry.